Hurricane Joaquin will have only a fraction of the financial impact of last year’s hurricanes, according to BF&M insurance.

“The assessment of potential insured losses as a result of the effects of Joaquin at this stage indicates that the number of claims and severity of claims is going to be very low,” said John Wight, the company’s chief executive officer.

BF&M received only 12 claims during the first business day after the storm, he said, adding: “By comparison, we were flooded with claims soon after Fay and Gonzalo struck Bermuda last October.

“Thus, the financial impact to Bermuda as a result of Joaquin will only be a fraction of what Fay or Gonzalo was.

“We have surveyed a good portion of the Island and spoken with certain boatyards, and Bermuda was very fortunate that the severity of the winds was downgraded as it approached and moved past the Island, and that the path of the storm didn’t drift any further east towards the Island.”